State Bank of India Two wheeler loans
The State Bank of India is one of the best public sector undertakings to meet any of the financial requirements especially when you want to apply for two-wheeler loans and super-bike loans. It is available at the best interest rate. SBI is offering two-wheeler loans under two schemes, one is a Two-wheeler lite scheme, and the other is a Super-bike loan scheme. The interest rate for the lite scheme starts at 16.25% per annum, and for the superbike loan scheme, the interest rate starts at 10.25% per annum. The maximum loan one can avail of in a two-wheeler loan lite scheme is Rs 2.5 Lakh for a tenure of 3 years. For the superbike loan scheme, the minimum loan amount, one can avail of is 2.5 lakh and repayment tenure are 5 years.
Features and benefits of SBI Two-wheeler loans
- With SBI, you can apply for a two-wheeler loan to purchase any of the two-wheelers.
- You can use it to purchase motorcycles, mopeds, super-bikes, and battery-operated two-wheelers.
- The income of co-applicant can be clubbed to increase eligibility.
- Minimal documentation required
- Superbike loan applicants get up to 90% funding if they are SBI salary packages/Wealth/HNI customers.
SBI Two-wheeler loan interest rates
|SBI Two-wheeler loan||Bikes||Super Bikes|
| Interest rate||16.25% per annum||10.25% onwards|
|Maximum Loan amount||Rs 2.5 Lakh||No upper limit|
|Minimum Loan amount||Rs 30,000||Rs 2.5 Lakh|
|Maximum Income requirement||Rs 1.5 Lakh||Rs 2.5 Lakh|
|Repayment period||Up to 3 Years||Up to 5 Years|
|Processing fee and prepayment charges||2% of the loan amount plus taxes||1% of the loan amount plus taxes|
- The minimum age to apply for a two-wheeler loan is 21 years and the maximum is 65 years.
- The minimum salary requirement to apply for two-wheeler loans is 1.5 lakhs, and the maximum is Rs 2.5 lakh per annum for super-bikes.
- For self-employed like agriculturists, the net annual income is Rs 4 Lakh.
- Permanent employees of state and central government departments, PSUs, listed private sector companies, and corporations who maintain salary accounts.
- Self-employed or professionals who have maintained an SB/CA/time deposit for one year.
- IT assesses who have maintained an SB/CA/time deposit for one year.
- Agriculturists who have maintained an SB/CA/time deposit for one year
- Existing customers of SBI loans with satisfactory.
Documents required to apply for SBI-Two Wheeler loan:
- Duly filled loan application along with 2 passport-size photographs
- Last 6 months bank account statement
- Identification of signature from any of the past bank records.
- Valid identity proof such as Aadhaar card, passport, VoterID, and PAN Card.
- A residential proof address like passport, utility bills, tax receipts, etc.
Income Tax Return copies for the two preceding financial years acknowledged by ITO
Proof of official address for non-salaried individuals
Latest salary-slip showing TDS certificate, Form 16, and all deductions
How to apply for SBI Two-wheeler loans?
- Log on to the official website of the State Bank of India
- Click on ‘Loans’
- In the drop-down menu, select ‘Auto Loans’
- On the next page, you will see options for ‘SBI Two Wheeler Loan Scheme’ or ‘Super Bike Loan Scheme’
- Click on the ‘Apply Now button under the scheme of your choice
- You will be redirected to a page where you can fill in your contact details.
- An SBI representative will get in touch with you by phone or email.